The balance in the supplies account before adjustment at the end of the year is $701. The proper adjusting entry if the amount of supplies on hand at the end of the year is $294 would be a. debit Supplies, $294; credit Supplies Expense, $294 b. debit Supplies Expense, $407; credit Supplies, $407 c. debit Supplies, $407; credit Supplies Expense, $407 d. debit Supplies Expense, $294; credit Supplies, $294

The balance in the supplies account before adjustment at the end of the year is $701. The proper adjusting entry if the amount of supplies on hand at the end of the year is $294 would be a. debit Supplies, $294; credit Supplies Expense, $294 b. debit Supplies Expense, $407; credit Supplies, $407 c. debit Supplies, $407; credit Supplies Expense, $407 d. debit Supplies Expense, $294; credit Supplies, $294

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Allowance for Doubtful Accounts has a debit balance of $766 at the end of the year (before adjustment), and an analysis of accounts in the customers ledger indicates uncollectible receivables of $15,294. Which of the following entries records the proper adjusting entry for bad debt expense? a.debit Bad Debt Expense, $14,528 credit Allowance for Doubtful Accounts, $14,528 b.debit Bad Debt Expense, $766 credit Allowance for Doubtful Accounts, $766 c.debit Allowance for Doubtful Accounts, $15,294 credit Bad Debt Expense, $15,294 d.debit Bad Debt Expense, $16,060 credit Allowance for Doubtful Accounts, $16,060
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